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Verastem Oncology shares take a nose dive after launching stock offering

Verastem stock slumped 12% to US$4.62 after the group priced 7,777,778 shares of its common stock at US$4.50
Cancer headline in a newspaper
The offering is set to raise US$35mln

Shares of Verastem Oncology (NASDAQ:VSTM)  took a nose dive after the cancer drug specialist revealed that it is diluting its shares by launching another share offering.

Verastem stock slumped 12% to US$4.62 after the group priced 7,777,778 shares of its common stock at US$4.50. This offering is expected to raise US$35mln on a gross basis.

Verastem, which is based in Boston, has also granted the underwriter a thirty-day window to purchase up to an additional 1,166,666 shares of its common stock, which are worth about US$5.25mln.

Cantor Fitzerald will act as the sole book-runner for the offering, which is expected to close on May 18, subject to closing conditions.

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